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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 20,565 $ 66,696
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 9,520 5,093
Depreciation and amortization of premises and equipment 4,474 4,395
Net gain on sales of loans (108) (73)
Net amortization of premiums and discounts 2,159 309
Deferred income tax provision 2,798 3,914
Net gain from fair value adjustments (1,667) (6,350)
Net loss from fair value adjustments of qualifying hedges 112 161
Gain from life insurance proceeds (584) (1,536)
Income from bank owned life insurance (3,400) (3,361)
Stock-based compensation expense 5,556 6,230
Deferred compensation (2,957) (4,870)
Amortization of core deposit intangibles 366 415
(Increase) decrease in other assets (18,711) 6,998
Decrease in other liabilities (6,793) (13,294)
Net cash provided by operating activities 11,330 64,727
Investing Activities    
Purchases of premises and equipment (4,026) (3,433)
Purchases of Federal Home Loan Bank - NY shares (114,436) (124,309)
Redemptions of Federal Home Loan Bank - NY shares 116,457 97,757
Purchases of securities held-to-maturity 0 (16,475)
Proceeds from prepayments of securities held-to-maturity 593 190
Purchases of securities available for sale (171,934) (222,810)
Proceeds from maturities and prepayments of securities available for sale 46,762 80,503
Proceeds from bank owned life insurance 3,075 3,307
Change in cash collateral 25,800 44,015
Net repayments (originations) of loans 134,166 (173,311)
Purchases of loans (120,720) (207,546)
Proceeds from sale of loans 9,042 29,247
Net cash used in investing activities (75,221) (492,865)
Financing Activities    
Net (decrease) increase in noninterest-bearing deposits (46,818) 24,757
Net increase (decrease) in interest-bearing deposits 218,624 (253,478)
Net increase in mortgagors' escrow deposits 23,853 18,631
Net (repayments) proceeds from short-term borrowed funds (285,750) 750,000
Proceeds from long-term borrowing 274,469 63,710
Repayment of long-term borrowings (39,001) (50,000)
Purchase of treasury shares and repurchase of shares to satisfy tax obligations (12,528) (22,117)
Cash dividends paid (19,786) (20,395)
Net cash provided by financing activities 113,063 511,108
Net increase in cash and cash equivalents, and restricted cash 49,172 82,970
Cash, cash equivalents, and restricted cash, beginning of period 151,754 81,723
Cash, cash equivalents, and restricted cash, end of period 200,926 164,693
Supplemental Cash Flow Disclosure    
Interest paid 154,896 32,459
Income taxes paid 6,272 24,559
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible $ 6,274 $ 25,142